Gum rosin market will attain notable gains during the period 2021 to 2027 on account of increasing utility in the manufacturing of paints and coatings, soaps, electronic industrial products, rubbers, inks, and paper. The rapid rate of economic and industrial growth, along with the higher consumer household incomes have led to advancements in the building & construction and automotive sectors. This has in turn steered the continuous requirement for superior quality intermediates like adhesives, coatings, and rubber in these industrial arenas, complimenting the product demand.
Gum Rosin can be described as a natural solid form of pine oleoresin derived for pine trees, which is widely used as a crude raw material in soaps, paper making, and as a lubrication oil for stringed instruments. The increasing number of R&D investments for higher extraction output of the product and rise in technological advancements for bringing modifications in pine trees are some other prominent factors for the industry growth.
Based on products, the gum rosin market revenue from WW segment will grow through 2027 due to increasing penetration in paper sizing for maintaining colors and textures. There is a rising obligation for superior quality binding materials across the adhesives sector. WW gum rosin is a natural transparent, organic solid compound that is a light shade of yellow. It has immense utility in synthetic rubber and adhesives to offer high performance and quality. Rising adoption in soap, paint as well as printing sectors, and in the production of paper will also add to the segment growth.
The demand for gum rosins in adhesives applications will grow with the rising rate of motor vehicle production and the booming building & construction vertical worldwide. Apart from marking an extensive presence in the electronics, furniture, and machinery sectors, the product records a significant footprint across the footwear industry. Growing adoption as binders in adhesives to provide enhanced strength, and viscosity coupled with the fast-growing automotive sector and rise in construction activities will drive the market progression.
In terms of regional landscape, Asia Pacific will hold a significant gum rosin industry share driven by the increasing automotive production in the region. The surging number of government investments has stirred the rise in construction projects in the country. This has in turn complimented the expansion of the adhesives, printing inks, and paper sizing sectors. The rising advancements in synthetic rubber and paint & coating verticals have increased the acceptance of gum rosin. The improving economic conditions in South Korea and India is another important driver for the regional market expansion.
Leading gum rosin industry participants include Forestar Chemical, EURO-YSER, Deqing Jiyuan Synthetic Resin, PT. Naval Overseas, Cv. Indonesia Pinus, Punjab Rosin, and Chemicals Works, Wuzhou Pine Chemicals, Guilin Songquan Forest Chemical, Wuzhou Sun Shine Forestry & Chemicals, Resin Chemicals, and Jinggu Forestry Chemical.
These renowned firms are placing targeted efforts on novel product launches and capacity expansions in order to enhance their offerings and customer base. These players are also focused on marketing team-ups, including acquisitions, partnerships, and mergers to amplify their global presence.
The global economy was largely disturbed by the coronavirus pandemic given the regulation of social distancing and lockdown policies. The gum rosin market also felt the brunt of the crisis with stalled manufacturing operations in the automotive sector, which brought a decline in the demand for automotive coatings and tires, further plummeting the vehicular sales. Delays in construction activities and projects also added to the stunted market growth. However, with the gradual resumption of most business verticals and their functions, the market will pick up substantial steam in the coming years.